As a Third Party Administrator (TPA), you are exposed to risk every time you provide a professional service to a client. The most innocent error or omission on your part can result in a lawsuit from a disgruntled customer. That’s why you need Errors and Omissions Liability Insurance,.
E&O insurance can help pay the cost of defending yourself from suits over your real or perceived negligent action from providing or failing to provide professional services. It saves you the cost of defending such allegations of neglect even if groundless.
Are All Third Party Administrators Eligible for E&O?
Most TPAs can qualify for E&O insurance. The price and type of coverage is dependent upon many factors including revenues and type of TPA and claims history. Here’s a list of the types of Third Party Administrators we are able to insure:
- Benefit Plan Administration
- Section 125 and Cafeteria Plan
- Pension Benefit Consultants
- Retirement Plan Managers
- Hedge Fund Administration
- Workers Compensation
- Title and Mortgage Processing
We design our coverages to address the many specific risks you face as a TPA. You’ll be covered for risks that other policies do not cover, including:
- HIPAA Compliance/Violations
- Contingent Medical Malpractice
- Use of Overseas personnel/contractors
- Security and Privacy related claims
- Reinsurance or Stop Loss Placement
- Actuarial Consulting
- Cyber Risk and first-party coverage for credit report notifications and tracking
We’re Here to Help.
For a complimentary assessment of your current policy, call or email us, or complete the form on this page. Our TPA E&O specialists look forward to working with you.